TaxTMI 
TaxTMI 
2014 (1) TMI 442
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....ed CIT(A) has erred both on facts and in law in confirming an addition of Rs.11,55,000/- made by AO on short term capital on sale of property. (ii) That the above addition has been made by taking the amount of sale consideration as RS.39,05,000/- as against RS.27,59,000/- declared by the assessee. (iii) That the above addition has been made rejecting the contention of the assessee that the, sale price taken t)y her is the actual price of property and no artificial income not earned by the assessee can be taxable. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the AO has erred in not making a refere....
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....me Tax(A), New Delhi but remained empty handed. The Commissioner of Income Tax(A) confirmed addition made by the Assessing Officer with an observation that the assessee has not brought any substantial material to controvert the finding of the Assessing Officer and the addition made by the Assessing Officer under deeming provision of section 50C(1) of the Act was confirmed by the impugned order. Now, the assessee is before this Tribunal in the second appeal with the ground as mentioned hereinabove. Ground no.3 5. Apropos ground no.3, ld. counsel of the assessee submitted that in reply to the notice issued by the Assessing Officer, the assessee vehemently claimed that the value adopted or assessed by the stamp valuation authority under sub-....
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....s read in the sense that if the AO is not satisfied with the explanation of the assessee then he 'may' or 'may not' send the matter for valuation to the DVO then in that case this provision be rendered redundant. The word 'may' used in this sub-section signifies that in case learned AO is not satisfied with the explanation of the assessee, he 'should' refer the matter to the DVO for the mentioned purpose." 7. We have heard both the parties and carefully gone through the orders of the authorities below. The first and foremost point that arises for consideration is as to whether the Assessing Officer should have referred the matter to the Valuation Officer u/s 50C(2) of the Act to determine the fair market value before invoking provisions of....
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....essed by the stamp valuation authority has not been disputed in any appeal or revision or any reference has been made before any other authority, court or the High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and in that event, relevant and corresponding provisions of the Wealth Tax Act shall, with necessary modifications, will apply. 9. In the present case, it is not in dispute that the assessee has made a claim before the Assessing Officer that the value adopted or assessed by the stamp valuation authority was higher than the fair market value. From the replies filed by the assessee, we also observe that it is also not the case whether the value adopted by the stamp valuation authority ....